Some Spanish banks, such as UCI, offer specialized mortgage products specifically designed for this purpose. These mortgages cover both the property's purchase price and renovation costs. Find out everything you need to know for an informed decision.
Have you found the house you were seeking in Spain, but discovered it needs renovation? Even though it may have seemed like a challenging choice, there are solutions available to assist you.
Keep reading to learn how to navigate this process if you are in this situation. This guide will explore the key factors, and practical steps to make your dream of owning and renovating a home in Spain a reality.
Obtaining a mortgage in Spain as a non-resident is more complex, with challenges such as additional documentation, reduced borrowing limits, and higher interest rates.
While it's not impossible, the process may require more effort, higher costs, and professional assistance, such as hiring a local lawyer or mortgage broker to assist non-residents.
Yes, obtaining a mortgage in Spain to buy and renovate a house is possible.
Some Spanish banks, such as UCI, offer specialized mortgage products specifically designed for this purpose. These mortgages cover both the property's purchase price and renovation costs.
An essential factor is that this loan is only granted if you purchase a second-hand property.
UCI provides a maximum mortgage term of 30 years, allowing you to collaborate with a refurbishment company.
You can receive the amount for the purchase and up to 30% of the renovation budget, with the funds disbursed as the renovation progresses.
UCI will have an appraisal company monitor the progress of the works.
They will assess the status of the reform for 100 EUR + VAT (121 EUR VAT included) each time you request a review.
To get a UCI Spanish mortgage for buying and renovating a house, you will need to prepare the following documents and information:
Translations are not needed for Spanish, English, French, and German applications.
Keep in mind that a renovation mortgage is a complex product. For a better understanding, contacting UCI is recommended to receive detailed insights addressing your questions.
Homevest is a digital platform designed to help non-residents and foreigners easily navigate the world of cross-border mortgages. What makes it even more appealing is that it's completely fee-free, and there are no charges for assistance.
Here are all the advantages at-a-glance:
You can easily upload and consolidate all the documents for a Spanish mortgage application in your Homevest account.
Sources used and checked in August 2023:
We recommend obtaining professional or specialist advice before taking or refraining from any action based on the content in this article. The information in this article does not constitute legal, tax, or other professional advice from Homevest Limited. Prior results do not guarantee a similar outcome. We make no representations, warranties, or guarantees, whether express or implied, that the content in this article is accurate, complete, or up to date.
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